Metro area bears brunt of housing slump; northwest, west-central Minnesota fare better
ST. PAUL, MN – June 26, 2009 – (RealEstateRama) — The housing slump appears to be affecting the Minneapolis-St. Paul Metropolitan Area more than other parts of Minnesota, according to a new report from the Minnesota State Demographic Center.
The study, based on data from the state Department of Revenue, shows that both median sales price and the number of sales dropped more within the Twin Cities area than elsewhere in the state between the first three quarters of 2007 and 2008.
“The Department of Revenue data is a unique resource that allows us to look at all parts of Minnesota, not just the Twin Cities area,” said Martha McMurry, a research analyst with the State Demographic Center. While real estate groups and other organizations provide information that is more current, they generally provide data only for large metropolitan areas.
Most regions of the state experienced a decline in the number of sales, while median sale prices rose in 36 counties and fell in 49 counties between 2007 and 2008. Northwestern and west-central Minnesota experienced stable or rising prices. By contrast, only Carver County in the 11 counties of the Minneapolis-St. Paul area experienced rising prices. Statewide, the median price dropped 5 percent, from $200,790 to $190,000.
The report, “Minnesota Housing Prices, 2007-2008,” is available online at www.demography.state.mn.us.
Contact: Tom Gillaspy
State Demographer
tom.gillaspy (at) state.mn (dot) us
651/201-2461
